We’ve all been there—working long hours to keep up with a never-ending to-do list. Productivity has a funny tendency to ebb and flow throughout the work day, but luckily there are a few methods you can utilize to make the most of your valuable time. The following adjustments to your daily work routine will go a long way toward increasing efficiencies and bettering your business.
Even if you’ve hired someone to handle the bookkeeping (something we recommend outsourcing to avoid burnout), understanding the difference between cash-basis and accrual accounting is incredibly important. The key difference is when transactions are recorded in your books. Whether you choose to do one over the other is (mostly) up to you. But understanding how they work, the benefits and limitations to each method, and how it will affect your business could save you money and an audit from the IRS.
When it comes to encouraging the best workplace for your employees, smart business owners turn to competitive pay, healthy benefits, and a few additional perks, such as paid holidays and performance-based bonuses. But in today’s day and age, it takes more than traditional methods to keep workers happy and willing to stay with a company for many years.
Creating and maintaining efficiencies is something many small business owners struggle with, whether it’s due to a small team or a lack of resources, or both. Especially when dealing with a diverse client base, it’s imperative to put systems in place that allow you manage those relationships and your operations in a cost- and time-effective way.